Live news: Nvidia slides on CEO allegations as bitcoin hovers just above its 200-day average

Bitcoin holds near $74,000 as Nvidia scandal adds pressure to the AI trade

Bitcoin is trading lower alongside steep losses in Nvidia NVDA$186.64·Market Closed shares in pre-market trading.

The cryptocurrency is trading 1% lower on the day at $74,000, having rebounded from an overnight low of $73,761, just above its 200-day moving average at $73,151.

Nvidia NVDA$186.64·Market Closed is down more than 4% in pre-market trading following reports that CEO Jensen Huang admitted to an affair with Alice Huang, a business executive whom U.S. intelligence officials suspect of passing information to Beijing.

Nvidia’s board has launched an independent investigation, although the company says it has no reason to believe company secrets or national security were compromised. The allegations add pressure to the AI trade, with Nvidia at the centre of both the sector’s investment boom and U.S.-China tensions over access to advanced chips.

Neocloud stocks, including IREN IREN$21.64·Market Closed, CoreWeave (CRWV) and Cipher Digital CIFR$6.5450·Market Closed, are also down around 2% in pre-market trading, giving back some of Friday’s double-digit gains.

Gold is trading just below $4,100 an ounce, while silver stands at $52.50. Oil is relatively flat, with WTI at around $90 a barrel and Brent near $97. Meanwhile, Invesco QQQ futures are up 0.4%.